PH, Abu Dhabi firm eyeing strategic petroleum reserves partnership

MANILA, Philippines — The Philippines and Abu Dhabi National Oil Company (ADNOC) are exploring a strategic petroleum reserves partnership to reduce the country’s vulnerability to disruptions in the global oil supply.

In a social media post on Friday, Senate Energy Committee Chairperson Sen. Erwin Tulfo said he conducted an on-site observation and consultation at ADNOC headquarters in Abu Dhabi to explore the potential partnership.

READ: Marcos says PH looking for other oil supply sources

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“PHILIPPINE OIL HUB SOON?” Tulfo said in his post, with photos during their meeting.

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Tulfo held a meeting with ADNOC Chairman Sultan Ahmed-Al Jaber together with Philippine Ambassador to the United Arab Emirates Alfonso Ver and Philippines Special Envoy to UAE Kathryna Pimentel.

On Oct. 8, ADNOC officials also met with Tulfo and Senate President Sherwin Gatchalian to discuss the potential partnership.

Philippine Ambassador to the United Arab Emirates Alfonso Ver was also present during the discussions with Dr. Sultan Ahmed Al Jaber, chairman of ADNOC and Masdar, who also serves as the UAE’s special envoy for climate change.

Meanwhile, in May, President Ferdinand R. Marcos Jr. said the Philippines was exploring alternative sources of oil amid price pressures driven by the ongoing conflict in the Middle East.

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He cited the conflict’s volatility as a challenge to the country’s oil supply, noting the uncertainty over how long it would last. /gsg